Kentucky

Whole Foods St. Matthews Louisville Bluegrass Manor Shopping Center

Faris Lee Investments Brokers $46.1M Sale of Whole Foods-Anchored Center in Metro Louisville

by John Nelson April 30, 2015

ST. MATTHEWS, KY. — Faris Lee Investments has brokered the $46.1 million sale of Bluegrass Manor Shopping Center, a Whole Foods-anchored shopping center in St. Matthews, a suburb of Louisville. The property’s retail tenant roster includes Toys “R” Us and LA Fitness. The Whole Foods Market is the only Whole Foods in the Louisville area. Rick Chichester and Donald MacLellan of Faris Lee represented the seller, P&P, and the buyer, The Hocker Group, in the transaction. The property sold at a 6.65 percent cap rate.

April 30, 2015

Kentucky Multifamily Southeast

Three Apartment Communities in Lexington Sell for $68M

by John Nelson April 22, 2015

LEXINGTON, KY. — Cushman & Wakefield and Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, have teamed up to broker the sale of three apartment communities in Lexington totaling 1,108 units. Priderock Capital Partners purchased the 480-unit Raintree Apartments and the 232-unit Stoney Brooke Apartments for $28.2 million and $13.9 million, respectively. Nashville-based Covenant Capital Group purchased the 396-unit Stoney Falls Apartments for $25.9 million. Mike Kemether of Cushman & Wakefield’s Atlanta office and Craig Collins of Commercial Kentucky represented the seller, Sterling Properties, a New York-based fund, in all three transactions.

April 22, 2015

Kentucky Office Southeast

Commercial Kentucky Brokers $14.3M Sale of 14-Story Office Tower in Louisville

by John Nelson April 20, 2015

LOUISVILLE, KY. — Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, has brokered the $14.3 million sale of the historic Starks Building in downtown Louisville’s central business district. The 14-story, 395,505-square-foot office tower was originally constructed in 1913. Delray Beach, Fla.-based Hudson Holdings purchased the office tower from the Hertz Organization and plans to reposition the building into a mixed-use property featuring 100 apartments units and a 200-room upscale hotel. The property will also feature a coffee shop and full-service health club. Craig Collins and Sam English of Commercial Kentucky represented the Hertz Organization in the sale.

April 20, 2015

Kentucky Loans Multifamily Retail Southeast

NorthMarq Arranges Two Loans Totaling $18.1M for Two Properties in Kentucky

by John Nelson April 14, 2015

HEBRON AND WILDER, KY. — NorthMarq Capital has arranged the refinancing of two properties in Hebron and Wilder totaling $18.1 million. The properties include Shoppes at Worldwide Park in Hebron and Aspen Pines Apartments in Wilder. Shoppes at Worldwide Park is a 13,174-square-foot unanchored retail property located at 2010 N. Bend Road. Aspen Pines is a 245-unit Class A apartment community located at 1700 Aspen Pines Drive. Susan Branscome of NorthMarq’s Cincinnati office arranged the $16.8 million loan for Aspen Pines through PPM and the $1.3 million loan for Shoppes at Worldwide Park through Symetra.

April 14, 2015

Industrial Kentucky Southeast

Coca-Cola Bottling Co. Consolidated Opens New Sales and Distribution Center in Louisville

by John Nelson March 27, 2015

LOUISVILLE, KY. — Coca-Cola Bottling Co. Consolidated has opened a new 305,000-square-foot sales and distribution center on Global Drive in southwest Louisville. The company invested roughly $12 million to renovate a vacant warehouse on a 25-acre site in Louisville for the new plant. The project also involved retrofitting office space and adding more than 100,000 square feet of new construction. The new facility will handle sales and distribution of Coca-Cola products in a 21-county area stretching from Owen County to Hardin County in Kentucky and Jefferson County to Harrison County in Indiana. The company currently has 350 employees working in the Louisville franchise territory. In addition, a new ‘make ready center’, which will handle deployment and refurbishing of vending and other sales equipment, is still under construction and will open later this spring. In addition to the Louisville franchise, Coca-Cola Consolidated also acquired the franchise in Evansville, Ind. The company has signed definitive purchase agreements for additional Kentucky franchises, including Lexington, Pikeville and Paducah, and hopes to conclude those transactions later in 2015. Charlotte-based Coca-Cola Consolidated is the nation’s largest independent bottler of Coca-Cola with franchise territories in 11 states.

March 27, 2015

Kentucky Restaurant Retail Southeast

Cohen Real Estate Brokers Sale of Shopping Center in Kentucky

by John Nelson March 24, 2015

CRESCENT SPRINGS, KY. — Cohen Real Estate has brokered the sale of Buttermilk Crossing, a 78,012-square-foot shopping center in Crescent Springs. The property was 94 percent leased at the time of sale to tenants such as Staples, Outback Steakhouse and Petco. Helen Putterman and Ric Kaiser of Cohen Real Estate represented the seller, a partnership based in New York, as well as the buyer, a New York-based real estate family. The family purchased the property for an undisclosed amount.

March 24, 2015

Columns on Wetherington Florence Kentucky Cincinnati

Kentucky Multifamily Southeast

Steadfast Apartment REIT Buys Kentucky Apartment Community for $25M

by John Nelson March 2, 2015

FLORENCE, KY. — Steadfast Apartment REIT has acquired Columns on Wetherington, a 192-unit apartment community located in Florence, roughly 15 miles outside of downtown Cincinnati. The REIT purchased the asset from an undisclosed seller for $25 million. The property was 92.7 percent occupied at the time of sale and in-place rents currently average $1,023. Completed in 2002, the apartment community features a clubhouse, fitness center, swimming pool, business center, outdoor basketball court, playground, putting green, car care center and access to a stocked fishing lake. Steadfast plans to improve the property’s interiors and common areas, including new signage, upgrades to the clubhouse, asphalt and concrete repairs and new pool furniture.

March 2, 2015

Kentucky Loans Retail Southeast

A10 Capital Funds $4.3M Acquisition Loan for REO Retail Property in Louisville

by John Nelson January 14, 2015

LOUISVILLE, KY. — A10 Capital has funded a $4.3 million bridge loan for the acquisition of the Shoppes at Forest Green, an unanchored shopping center located at 10001 Forest Green Blvd. in Louisville. The loan is secured by the real estate-owned (REO) property and provided approximately 70 percent leverage. Michael Singh of A10 Capital structured the non-recourse loan on behalf of the borrower, BRAD Management. The loan will be used to fund the acquisition, as well as provide committed funds for a future tenant improvement facility.

January 14, 2015

Industrial Kentucky Southeast

Monmouth Buys Jim Beam Industrial Facility in Kentucky for $28M

by John Nelson December 15, 2014

FRANKFORT, KY. — Monmouth Real Estate Investment Corp., a public equity REIT, has acquired a newly built, 599,840-square-foot industrial building at 1509 Leestown Road in Frankfort for $28 million. The build-to-suit property is fully leased to Jim Beam Brands Co. for 10 years. The Class A property is situated on approximately 92.2 acres and is expandable by an additional 200,000 square feet.

December 15, 2014

Kentucky Retail Southeast

Landmark Brokers $18.6M Sale of Power Shopping Center in Bowling Green

by John Nelson December 5, 2014

BOWLING GREEN, KY. — Landmark Commercial Real Estate Services Inc. has brokered the $18.6 million sale of the Shoppes at Gary Farms, a 99,777-square-foot power shopping center in Bowling Green. Built in 2014, the property’s tenant roster includes Dick’s Sporting Goods, Bed Bath & Beyond, PetSmart, Kirkland’s and Lane Bryant. An unnamed, non-traded REIT purchased the property from an unnamed regional developer. Kevin Baker and Daniel Kukes of Landmark represented both the buyer and seller in the transaction.

December 5, 2014

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